Leather Goods Market to Exceed USD 623.44 Billion by 2028, Growing at an Incremental CAGR of 5.90%
Leather Goods Market Size and Analysis by Product Type (Footwear, Home Decor, Apparel) [Jackets & Coats, T Shirts & Shirts, Trousers and Others]Luggage, Accessories [Purses & Handbags, Wallets, Belts, Watches and Others] by distribution channel (in-store [Supermarkets & Hypermarkets, Specialty Stores, Others] Non-store) and region (North America, Asia-Pacific, Europe and rest of the world): forecasts until 2028
New York, U.S., May 02, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Leather goods market Information by product type, distribution channel and region – Forecast to 2028the market is predicted to acquire a size of over $623.44 billion by 2028. The report further predicts that the market will thrive at a healthy CAGR of over 5.90% during the review period. .
Market scope:
Leather is a soft and durable material that is developed by tanning animal skin and rawhide, the majority being bovine hide. Leather can be developed through the manufacturing process ranging from heavy industry to cottage industry. There are many leather products, including home decor, footwear, luggage, clothing, and various accessories.
Changing fashion trends, increasing consumer disposable income and improving living standards are increasing the size of the leather goods market.
Market Competitive Analysis:
Key competitors in the leather goods market include:
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Adidas AG (Germany)
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Nike Inc. (USA)
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Puma SE (Germany)
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Fila, Inc. (South Korea)
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New Balance Athletics, Inc. (USA)
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Samsonite International SA (Hong Kong)
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Louis Vuitton (France)
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Knoll Inc. (USA)
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American Leather Holdings LLC (USA)
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VIP Industries Ltd. (India)
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Covered USP market
Market factors
Leather is experiencing rampant demand from the global footwear industry, which is touted as a key growth factor in the global market. Consisting of a fabric base completely covered with a synthetic resin, synthetic or artificial leather is considered the perfect alternative for use in footwear, fabrics, upholstery, clothing and others that require a leather-like finish.
Furthermore, the rapid expansion of the application scope of leather in various segments including apparel, home decor and luggage is also expected to have a positive impact on the global industry. Manufacturers are constantly working to strengthen their sourcing from their manufacturing bases in Asian countries and to forge links with local suppliers in Vietnam and China, given the abundant raw materials and low-cost labor that found in these countries.
Emerging markets like China, Brazil, India, Thailand, Vietnam and Malaysia will provide very lucrative opportunities for international companies in the years to come. With a vast deployment of footwear products in these countries, the global market is expected to witness significant gains in the coming years.
Browse the in-depth market research report (90 pages) on leather goods: https://www.marketresearchfuture.com/reports/leather-goods-market-10731
Opportunities
Bio-based leather goods without harmful characteristics have become the most attractive opportunity in the market. Manufacturers focus on marketing leather making using natural fibers such as flax or cotton fibers mixed with corn, soy, palm, and various other plants. Considering the increase in stringent environmental and government regulations related to the use of toxic chemicals in North America and the European Union, the demand for bio-based leather is expected to increase rapidly among major manufacturers over the coming years. .
Market constraints
Extensive cattle ranching leads to a range of environmental impacts, including overuse of water and land, gas emissions and deforestation. Tanning is a highly toxic step used in leather processing, with the majority of production using chrome tanning. It involves the production of slush made up of gases and chemicals.
Strict government regulations in Europe and the United States are causing various tanneries to close. These government regulations regarding the use of leather will be a huge constraint for the global leather goods market in the coming years.
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COVID-19 Analysis
The COVID-19 pandemic has adversely affected the majority of industries around the world, prompting a number of public health measures and disrupting manufacturers’ supply chains. The spread of the pandemic has resulted in the closure of various operational facilities around the world.
However, companies active in the market are trying to safeguard the well-being and health of their employees while supporting the government’s objectives in terms of maintaining vital commercial activities in food production, health care and production. of electricity. Reduced cash flow has been another major concern, with most customers late in payment or unable to make purchases, while inventory is canceled due to disrupted supply chains. On the bright side, many leather goods brands are working on strategies to remain resilient during the pandemic with minimal economic losses.
Segment overview
The main product types considered in the MRFR study are clothing, home decor, footwear, luggage and accessories. The footwear segment with the highest share leads the leather goods market.
According to the distribution channel, the leather goods industry caters to stores coupled with non-stores. The in-store segment accounts for the largest share of the market, while the non-store distribution channels will reach the highest growth rate in the near future.
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Regional analysis
North America is the market leader and will capture a larger share in the coming years, thanks to the growing popularity of a variety of leather goods, especially as online shopping becomes more prevalent. With the huge population of athletes as well as fitness conscious people in the United States, the demand for leather goods will continue to increase. Rising sales of leather shoes as well as leather handbags will further increase the market size in the region.
MRFR identifies Asia-Pacific as the fastest growing market, as the region is home to some of the rapidly developing countries like India and China, two countries that are seeing significant advances in their industrial bases. The region’s leather goods market should therefore offer interesting opportunities to international manufacturers in the years to come. The APAC synthetic leather market is dominated by China, given rising disposable incomes and rising living standards. The region’s growing population and advances in products, as well as technologies, also make the region a hub of choice for leather goods manufacturers. The mind-boggling rate of expansion of the automotive and footwear sectors in the region is adding to the strength of the market considerably.
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